Shareholders approve Aldar-Sorouh merger
Abu Dhabi, March 3, 2013
Shareholders of Abu Dhabi's Aldar Properties have approved the developer's plans to merge with rival Sorouh Real Estate at a meeting on Sunday, a spokesman for Aldar said.
The boards of both state-linked firms proposed a merger in January to create a business with assets worth $13 billion. The deal was expected to be completed by end-June.
"All resolutions have been approved by shareholders," a spokesman said.
The shareholders' meeting had 69 percent attendance, he added, declining to be identified on the grounds of company policy. The meeting needed a 50 percent quorum for the merger vote to be valid.
Both companies fell short of a quorum for the crucial merger vote on Feb 21, thereby delaying the decision to March.
Under the merger proposal, Sorouh shareholders will get 1.288 Aldar shares for every share they own. Sorouh will be dissolved and delisted from the local bourse after the merger. – Reuters